Innovation Norway focuses on green entrepreneurs

Innovation Norway will focus more on green industry than before, according to the annual report for 2015.

Last year they made 38 percent of their investments in green projects, compared with 28 percent in 2014. In addition, they made contributions totaling 340 million to the development and testing of environmental technologies, an increase of 72 percent from the year before. This is revealed in the annual report of Innovation Norway, which was made public on Friday.

50,000 new businesses Every year roughly 50,000 new companies are established in Norway. Many apply for financial help from Innovation Norway, which last year was granted a total of 3.4 billion NOK from the Parliament and counties for economic development across the land. Together with various loan schemes this lead to industry-oriented contributions that totaled 6.1 billion NOK. The business community in Rogaland get the largest amount, with contributions totaling 59 million in 2015. Hordaland and Oslo are in joint second place, with grants of nearly 38 million NOK, according to the annual report.

– Important restructuring Just over a quarter of the funds, 27 percent, will go to entrepreneurs and start-ups. – We’ll relieve some of the risk for established businesses and industries, and we will assist in the creation of new businesses. Both are equally important in this transitional phase, CEO Anita Krohn Traaseth in Innovation Norway says. The financial support has also inspired additional capital and investments from other investors and lenders. A total of 16.3 billion NOK was invested in the development of Norwegian enterprisess last year.

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